Custom Transaction Type Naming Enables Better Organization
Your business may have many different events that require adjusting your general ledger. For example, you may need to record adjustments for nonoperational income, such as interest income that your company receives through investments. Conversely, you may need to record debits for rewards you give customers through customer loyalty programs. Without the Custom Transactions feature, your options for recording these various adjustments may be limited. One strategy is to record all adjustments as journal entries. However, when you rely solely on the journal entry record, all of these varying transactions are grouped in a single list view. Additionally, employees have limited ways to tell journal entries apart when they enter them.
By contrast, with the Custom Transactions feature, you can create custom transaction types that are clearly labeled for specific purposes. With this approach, each custom transaction type has its own list view and its own menu path, which you can customize. In the following example, three custom transaction types have been added to the Accounting Center’s Financial tab.
These enhancements make it possible for employees to automatically classify each transaction when they create it. And if they want to view a list of all transactions of a particular type, they can do so using that type’s list view.